By Chibuike Oguh

(Reuters) – Warburg Pincus LLC is seeking to raise $16 billion from investors for its latest flagship global private equity fund, its biggest ever, according to people familiar with the matter.

According to sources familiar with the matter, the New York-based company is still in the initial stages of raising Warburg Pincus Global Growth 14. Potential investors have already begun to commit to the fund.

Warburg Pincus spokeswoman declined comment.

This new fund will surpass Warburg Pincus Private Equity X by size, which was a $15.1 million private equity fund that Warburg Pincus launched in 2007. It had previously been the largest firm’s fund. According to one source, the Warburg Pincus Global Growth fund had raised $15 billion and generated an IRR of 24.5% at the end June.

Sources said prior funds, Warburg Pincus Private Equity XII at $13.4 billion and Warburg Pincus Private Equity XII at $11.2 billion, both had an IRRs respectively of 21.7% & 13.5%.

Warburg Pincus now joins other large private equity firms who are or recently finished flagship fundraising.

In May, KKR & Co (NYSE:) Inc raised its biggest ever fund, collecting $18.5 billion for its flagship North America private equity fund https://www.reuters.com/article/us-kkr-fundraising-exclusive/exclusive-kkr-raises-18-5-billion-for-flagship-north-america-buyout-fund-sources-idUSKBN2CK20W. Bain Capital also amassed $11.8 billion for its flagship North America buyout fund https://www.reuters.com/business/finance/exclusive-bain-capital-raises-118-billion-new-flagship-fund-2021-04-30 in April.

Warburg Pincus, a private equity firm founded in 1966, is among the oldest. It manages $64 billion of assets in tech, healthcare, and business services. The company has offices in the Americas and Europe. Warburg, in addition to participating in leveraged buyouts and venture capital investments, is also a major growth equity and venture capital investor.

Some of the firm’s recent investments include Edelman financial engines, a California-based investment advisory firm; Airtel Africa, an African telecoms operator owned by India’s Bharti Airtel; and Ant Group, the fintech affiliate of Chinese technology giant Alibaba (NYSE:) Group Holding Ltd.